Rep. Dan Newhouse Sells Off Shares of Fortinet, Inc. (NASDAQ:FTNT)

Representative Dan Newhouse (Republican-Washington) recently sold shares of Fortinet, Inc. (NASDAQ:FTNT). In a filing disclosed on July 17th, the Representative disclosed that they had sold between $1,001 and $15,000 in Fortinet stock on July 10th. The trade occurred in the Representative’s “EDWARD JONES IRA” account.

Representative Dan Newhouse also recently made the following trade(s):

• Purchased $1,001 – $15,000 in shares of Costco Wholesale (NASDAQ:COST) on 7/10/2026.
• Sold $1,001 – $15,000 in shares of UnitedHealth Group (NYSE:UNH) on 7/10/2026.
• Sold $1,001 – $15,000 in shares of Deere & Company (NYSE:DE) on 7/10/2026.
• Purchased $1,001 – $15,000 in shares of Arista Networks (NYSE:ANET) on 7/10/2026.
• Sold $1,001 – $15,000 in shares of United Parcel Service (NYSE:UPS) on 7/10/2026.
• Sold $1,001 – $15,000 in shares of Hershey (NYSE:HSY) on 7/10/2026.
• Purchased $1,001 – $15,000 in shares of Duke Energy (NYSE:DUK) on 7/10/2026.
• Purchased $1,001 – $15,000 in shares of Amcor (NYSE:AMCR) on 7/10/2026.
• Sold $1,001 – $15,000 in shares of Magna International (NYSE:MGA) on 7/10/2026.
• Purchased $1,001 – $15,000 in shares of Accenture (NYSE:ACN) on 7/10/2026.

Fortinet Trading Down 0.8%

Shares of Fortinet stock opened at $160.36 on Tuesday. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.07 and a current ratio of 1.15. The firm has a 50-day moving average of $145.20 and a 200-day moving average of $104.52. Fortinet, Inc. has a 52-week low of $70.12 and a 52-week high of $170.35. The stock has a market cap of $117.49 billion, a PE ratio of 61.92, a PEG ratio of 4.39 and a beta of 1.09.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Wednesday, May 6th. The software maker reported $0.82 EPS for the quarter, topping analysts’ consensus estimates of $0.62 by $0.20. Fortinet had a net margin of 27.49% and a return on equity of 160.08%. The business had revenue of $1.85 billion for the quarter, compared to analyst estimates of $1.73 billion. During the same period last year, the firm earned $0.58 earnings per share. Fortinet’s revenue for the quarter was up 20.1% compared to the same quarter last year. Fortinet has set its Q2 2026 guidance at 0.720-0.760 EPS and its FY 2026 guidance at 3.100-3.160 EPS. As a group, sell-side analysts forecast that Fortinet, Inc. will post 2.8 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the company. Truist Financial set a $120.00 price objective on Fortinet and gave the stock a “buy” rating in a research note on Thursday, May 7th. Rosenblatt Securities raised their price target on Fortinet from $105.00 to $125.00 and gave the stock a “buy” rating in a research report on Thursday, May 7th. Wells Fargo & Company reaffirmed an “underweight” rating and set a $120.00 price objective (up from $70.00) on shares of Fortinet in a research report on Monday. TD Cowen reiterated a “buy” rating and set a $215.00 price objective (up from $160.00) on shares of Fortinet in a research note on Monday, July 13th. Finally, Arete Research set a $104.00 target price on shares of Fortinet and gave the company a “buy” rating in a research report on Monday, April 27th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, twenty-three have issued a Hold rating and four have issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $117.29.

Insider Buying and Selling at Fortinet

In other Fortinet news, VP Michael Xie sold 3,907 shares of Fortinet stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $146.44, for a total transaction of $572,141.08. Following the completion of the transaction, the vice president owned 9,923,610 shares of the company’s stock, valued at $1,453,213,448.40. The trade was a 0.04% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Ken Xie sold 160,632 shares of the firm’s stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $145.58, for a total value of $23,384,806.56. Following the completion of the sale, the chief executive officer directly owned 52,972,372 shares in the company, valued at approximately $7,711,717,915.76. The trade was a 0.30% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 318,387 shares of company stock worth $43,403,063. Insiders own 17.60% of the company’s stock.

Hedge Funds Weigh In On Fortinet

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Norges Bank purchased a new position in shares of Fortinet during the fourth quarter valued at approximately $1,152,917,000. Arrowstreet Capital Limited Partnership raised its holdings in shares of Fortinet by 87.4% in the first quarter. Arrowstreet Capital Limited Partnership now owns 9,651,024 shares of the software maker’s stock valued at $788,682,000 after purchasing an additional 4,500,194 shares during the last quarter. First Trust Advisors LP lifted its position in shares of Fortinet by 45.5% during the first quarter. First Trust Advisors LP now owns 11,506,173 shares of the software maker’s stock valued at $940,284,000 after purchasing an additional 3,598,487 shares in the last quarter. Van ECK Associates Corp boosted its holdings in Fortinet by 38.9% during the fourth quarter. Van ECK Associates Corp now owns 7,730,954 shares of the software maker’s stock worth $613,915,000 after purchasing an additional 2,166,396 shares during the last quarter. Finally, AQR Capital Management LLC grew its position in Fortinet by 76.2% in the 4th quarter. AQR Capital Management LLC now owns 4,109,016 shares of the software maker’s stock worth $326,297,000 after purchasing an additional 1,777,115 shares in the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

About Representative Newhouse

Dan Newhouse (Republican Party) is a member of the U.S. House, representing Washington’s 4th Congressional District. He assumed office on January 3, 2015. His current term ends on January 3, 2027.

Newhouse (Republican Party) ran for re-election to the U.S. House to represent Washington’s 4th Congressional District. He won in the general election on November 5, 2024.

Click here to see Newhouse’s key votes in Congress.

Newhouse served as a member of the Washington House of Representatives representing District 15-Position 2 from 2003 through 2009 and as Washington Director of Agriculture from 2009 to 2013.

Newhouse was first elected to the state House in 2002 and served until he was named state Director of Agriculture in 2009. He was first appointed by Governor Christine Gregoire on February 18, 2009.

Fortinet Company Profile

Fortinet, Inc (NASDAQ: FTNT) is a multinational cybersecurity company that develops and delivers integrated security solutions for enterprise, service provider and government customers worldwide. Founded in 2000 and headquartered in Sunnyvale, California, the company was co‑founded by Ken Xie and Michael Xie. Ken Xie serves as chairman and chief executive officer, and the company operates through a global sales, channel and services organization to support customers across the Americas, EMEA and Asia‑Pacific.

Fortinet’s product portfolio centers on network security appliances and software, with its FortiGate next‑generation firewalls and the FortiOS operating system forming a core platform.